Title Benefit. The term “Title Benefit” means any right, circumstance or condition that operates (i) to increase Seller’s Net Revenue Interest in any Well or Lease above that set forth in Exhibit A, Schedule 1 or Exhibit A, Schedule 2 for such Well or Lease, as applicable, and in the case of a Well, without causing a greater than proportionate increase in Seller’s Working Interest for such Well or (ii) to increase the number of net mineral acres attributable to any Lease above that set forth in Exhibit A, Schedule 1.
Title Benefit. As used in this Agreement, the term “Title Benefit” shall mean any right, circumstance or condition that operates to (a) increase the Net Revenue Interest being assigned to Buyer in any Lease or Well above that shown for such Lease or Well in Exhibit A and Exhibit B, to the extent the same does not cause a greater than proportionate increase in the Working Interest being assigned to Buyer therein above that shown in Exhibit A and Exhibit B, or (b) increase the Net Acres being assigned to Buyer in any Lease to greater than that shown therefor in Exhibit A.
Title Benefit. As used in this Agreement, the term “Title Benefit” shall mean any right, circumstance or condition that operates to (i) increase the Net Revenue Interest being assigned to the Company in any Lease or Well above that shown for such Lease or Well in Exhibit C-1 and C-2 and Exhibit D-1 and D-2 to the extent the same does not cause a greater than proportionate increase in the Working Interest being assigned to the Company above that shown in Exhibit C-1 and C-2 and Exhibit D-1 and D-2, or (ii) increase the Net Acres being assigned to the Company in any Lease to greater than that shown for such Lease in Exhibit C-1 and D-1.
Title Benefit. As used in this Agreement, the term “Title Benefit” shall mean any right, circumstance or condition that operates (i) to increase the Net Revenue Interest of Seller in any Lease, Well or Unit above that shown in Exhibit A or Exhibit B, respectively, to the extent the same does not cause a greater than proportionate increase in Seller’s Working Interest therein above that shown in Exhibit A or Exhibit B, respectively, (ii) to decrease the Working Interest of Seller in any Lease, Well or Unit below that shown in Exhibit A or Exhibit B, respectively, to the extent such decrease in Seller’s Working Interest is proportionately greater than the decrease in Seller’s Net Revenue Interest therein below that shown in Exhibit A or Exhibit B, respectively, or (iii) increase the Net Acres of Seller covered by the Lease above that shown in Exhibit A.
Title Benefit. The term “Title Benefit” with respect to a Lease means such title of Sellers (which may be held of record in the name of Sellers or in the name of one of Sellers’ lease brokers or agents so long as such lease brokers or agents assign the Leases held by them to Sellers at or prior to Closing) in and to the Lease that results in (i) Sellers owning greater than the number of Net Acres for the Lease set forth in Exhibit A (an “Acreage Increase”); or (ii) Sellers owning greater than the Represented NRI with respect to such Lease (an “NRI Increase”). On or before the Defect Notice Date, each of Buyer and Sellers shall notify the other Party in writing of any Title Benefit discovered on or before such date. Sellers shall be entitled to an upward adjustment to the Purchase Price with respect to each such Title Benefit equal to (a) in the case of an Acreage Increase, the amount by which Sellers’ actual Net Acres with respect to the affected Lease exceeds the Net Acres attributed to such Lease in Exhibit A, multiplied by the Per Acre Price for such Lease; and (b) in the case of an NRI Increase, an amount equal to the difference between the Per Acre Price based on the Represented NRI for such Lease and the Per Acre Price based on the actual NRI for such Lease; multiplied by the Net Acres for the Lease, as set forth in Exhibit A.
Title Benefit. As used in this Agreement, the term “Title Benefit” shall mean any right, circumstance or condition that operates (i) to increase the Net Revenue Interest of Seller in any Lease or Well above that shown in Exhibit A, to the extent the same does not cause a greater than proportionate increase in Seller’s Working Interest therein above that shown in Exhibit A, or (ii) to decrease the Working Interest of Seller in any Lease or Well below that shown in Exhibit A, to the extent the same causes a decrease in Seller’s Working Interest that is proportionately greater than the decrease in Seller’s Net Revenue Interest therein below that shown in Exhibit A.
Title Benefit. If Seller determines that (a) the ownership of any Well entitles Seller to a larger NRI or reduces royalty and other burdens on production with respect to such Well so that the Seller’s ownership in the Well is greater than that set forth on Exhibit B; or (b) the ownership of any Lease entitles Seller to a greater number of Net Mineral Acres than that set forth on Exhibit A; (a “Title Benefit”), then Seller shall notify Buyer of such Title Benefit in writing on or before the Title Defect Date, describing in such notice the same items which are provided in a Notice of Title Defects pursuant to Section 5.2. The amount of each Title Benefit shall be determined in the same manner as provided in Section 5.1(e) and 5.1(f), as applicable, with respect to Title Defect Values. The aggregate amount of the Title Benefits will only be used to reduce the aggregate amount of the Title Defect Values and the Title Defect Adjustment.
Title Benefit. (a) Contributor has the right, but not the obligation, to notify Corporation during the Examination Period of any Title Benefit discovered by Contributor, such Notice which must include:
Title Benefit. Seller has the right, but not the obligation, to notify Buyer in the Examination Period of any Title Benefit discovered by Seller, such notice which must include:
Title Benefit. As used in this Agreement, the term "Title Benefit" shall mean any right, circumstance or condition that operates (i) to increase the Net Revenue Interest of Seller in any Lease or Well above that shown in Exhibit A or Exhibit B, to the extent the same does not cause a greater than proportionate increase in Seller's Working Interest therein above that shown in Exhibit A or Exhibit B, (ii) to decrease the Working Interest of Seller in any Lease or Well below that shown in Exhibit A or Exhibit B, with no proportionate decrease in the Net Revenue Interest shown on Exhibit A or Exhibit B for the affected Lease or Well.
